North Shore Uranium Exploration Update
FEBRUARY 27, 2025 TSX-V:NSU
NORTH SHORE URANIUM EXPLORATION UPDATE
North Shore Uranium Ltd. (TSX-V: NSU) (“North Shore” or the “Company”) is pleased to provide an
update on prioritization of exploration targets at its Falcon property (“Falcon” or the “Property”). In its
September 17, 2024, October 10, 2024, and November 13, 2024 news releases, the Company summarized
work being done at the West Bear and Falcon properties with three priority areas established at Falcon,
Zones 1, 2 and 3 (Figure 1).
To date, North Shore has identified 36 uranium targets at Falcon. The targets are associated with
electromagnetic (“EM”) conductor anomalies and have been selected based on the analysis and
interpretation of multiple datasets by North Shore and its consultants. As reported on May 16, 2024, the
Company discovered near-surface uranium mineralization at P03 and P08 at two of these targets, FA033
and FA006, respectively, in an area that had never seen drilling ( Figure 2). The Company believes that
these new uranium occurrences could be part of a new trend of uranium mineralization that could extend to
the south-southwest and to the west-northwest. The Company’s near-term focus is to assess the potential
for an economic uranium deposit in this area by evaluating priority near-surface EM targets in the South
Priority Area at the eastern end of Zone 1 and the South Walker area at the southern end of Zone 2 (Figure
1).
Falcon is located approximately 30 km east of the active Key Lake uranium mill and former mine at the
eastern margin of the Athabasca Basin in Saskatchewan. The mill processes uranium ore from the McArthur
River Mine, one of two producing uranium mines in Canada . Between 1983 and 2002, Key Lake Mine
produced a total of 209.9 million lbs. of U 3O8 at an average grade of over 2.0% 1. The uranium discovery
potential at Falcon is significant and includes shallow basement-hosted unconformity-style and pegmatite-
hosted mineralization. The Property has seen limited modern exploration programs and there are a number
of unexplained uranium occurrences. Terra Clean Energy Corp. (CSE:TCEC) is currently conducting a drill
program at its Falcon East Uranium project which lies directly east of Falcon. The program is focused on
the Fraser Lakes B uranium/thorium deposit and surrounding area. Fraser Lakes B hosts an inferred
resource of 6.96M pounds of U3O8 (Figure 1)2.
Mr. Brooke Clements, President and CEO of North Shore stated: “We believe that Saskatchewan’s
Athabasca Basin is the best jurisdiction in the world for uranium exploration and development. In the last
few years, the region has seen an unprecedented level of claim staking and exploration activity. We have a
great pipeline of uranium targets at Falcon with the potential to host a significant near-surface uranium
desposit. Our near -term focus is to evaluate targets at the south end of the Property within a trend
associated with the new uranium discoveries we made in 2024.”
1 Source: Government of Saskatchewan – Mineral Deposit Query (https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1130).
There is no guarantee that a uranium deposit similar to Key Lake will be discovered on the Falcon Property.
2 Source: February 14 2025 Terra Clean Energy Corp. press release.
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Geologic information from the Saskatchewan database, EM conductors from Saskatchewan database and North Shore
interpretation, targets from North Shore interpretation.
Figure 1: Map showing Falcon exploration targets and priority zones.
South Priority Area
Within Zone 1, the South Priority Area includes the three km long NNE-trending conductor/structural zone
where uranium was discovered by North Shore in drill holes P03 and P08 (Figure 2). As reported on May
16, 2024, at P03, a zone from 196.6 to 209.0m included an interpreted brittle fault zone with graphite-rich
fault gouge and two samples that returned 345 and 378 ppm U3O8. At P08, a 4.7 m interval between 42.3-
47.0m returned 316 ppm U 3O8 including one sample with 572 ppm U 3O8. Also at P08, a brittle , altered
pegmatitic and graphitic fault zone with elevated U3O8 values up to 50 ppm was intersected between 102.3-
105.5m, the modelled depth of the EM conductor.
Within the potential mineralized trend, t argets FA003 and FA004 offer the potential to extend the
occurrence of mineralization along the conductor system . At FA003 the EM conductor system and an
associated magnetic low are disrupted and the system splits, with one arm going to the northeast, the other
to the north-northeast. In addition, there is a gravity low anomaly which can be an expression of alteration
that could be associated with uranium mineralization (Figure 3). At target FA004, which is 1.5 km north
of FA003, the conductor is offset near the intersection of two interpreted crosscutting faults.
Approximately two km south of FA003 target FA002 is defined by two strong parallel EM conductors and
a parallel magnetic low. The target zone is intersected by an interpreted northwest -trending fault (Figure
4). In addition, just to the southeast of the target there is a strong uranium anomaly defined by the 2022
airborne radiometric survey.
Located approximately five km south of the Fraser Lakes B deposit, target FA005 is defined by a strong
EM signature that is interesected by an interpreted north-south fault (Figure 2).
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Geologic information from the Saskatchewan database, EM conductors, faults and targets from interpretation by Condor North Consulting ULC
(“Condor”) and North Shore. Single- and double-peak responses picked from survey profile lines.
Figure 2. South Priority Area where uranium mineralization was discovered by North Shore in 2024 at
drill targets P03 and P08.
Vertical gravity gradient (GDD) data processing by Condor, 2.5 g/cm3 density used in terrain correction, data presented in Eötvös (Eö).
Structural and EM interpretation by Condor; single- and double-peaked responses picked from airborne survey profiles.
Figure 3. Target FA003 with gravity background, Zone 1.
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Magnetics and EM processing and structural interpretation by Condor; single- and double-peak responses picked from survey profile lines.
Figure 4. Target FA002 with magnetics background, Zone 1.
South Walker Area
Due to the presence of a strong northeast-trending EM conductor system, the South Walker Area has been
the focus of exploration programs in the past (Figure 5). In 1979, Brinex Ltd. drilled three holes. In 2008,
JNR Resources drilled six holes in the area. Structure-associated clay and chlorite alteration were reported
in several holes and elevated copper, molybdenum, nickel, cobalt and vanadium were encountered in one
hole (Sask. Mineral Assessment File 74H02 -0045). North Shore intends to test the southern end of the
trend. In early 2024, the Company drilled one hole at target FA0036, P12, but the hole was abandoned at
107.6 m, short of the targeted conductor depth of 125 m owing to unstable ground conditions . Whilst no
significant uranium results were returned from North Shore’s drilling at P12, a fault zone with elevated
Boron values up to 74 ppm was identified from 10-12 m. The parallel EM conductors within targets FA007
and FA0036 are a priority exploration focus for North Shore. At the P12 location the glacial overburden is
only 2.5 m thick.
The five holes drilled by JNR Resources within target FA010 from four sites in 2008 did not encounter
significant mineralization despite the compelling characteristics of the EM conductor. A strong gravity low
anomaly was identified by North Shore from the 2022 airborne gravity survey. This anomaly coincides
with the EM conductor and an interpreted north- south-trending fault ( Figure 5 ). The geophysics and
drilling results are being studied to determine if more drilling to intersect the gravity anomaly is warranted.
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EM and structural interpretation by Condor; single- and double-peaked EM responses picked from airborne survey profiles.
Figure 5. Summary of the South Walker Area
Vertical gravity gradient (GDD) data processing by Condor, 2.5 g/cm3 density used in terrain correction, data presented in Eötvös (Eö).
Structural and EM interpretation by Condor; single- and double-peaked EM responses picked from airborne survey profiles.
Figure 6. Target FA010 with data from the 2022 airborne gravity survey flown by Xcalibur Airborne
Geophysics. Dark contour lines at 10 Eö intervals.
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NEXT STEPS
North Shore will continue prioritizing targets at Falcon in pursuit of maximizing the chances of
encountering economic uranium mineralization in its next drill program. As currently planned, that drill
program would initially focus on several targets in the South Priority Area of Zone 1 and the South Walker
Area of Zone 2. EMIT Maxwell software was used to create subsurface models of interpreted conductors
from priority areas in Zones 1 and 2 to optimize placement of drill collars . Additional updates on the
Company’s target prioritization efforts will be provided on an ongoing basis.
BACKGROUND INFORMATION
Falcon consists of 14 mineral claims; four of the claims comprising 12,791 hectares are 100 percent-owned
by the Company and the remaining 10 claims totaling 38,766 hectares are subject to an option agreement
with Skyharbour Resources Ltd. Under the terms of the option agreement, North Shore has the option to
earn up to a 100% interest in the 10 claims by completing certain payments, exploration work and other
commitments by October 2026.
ABOUT NORTH SHORE URANIUM
The nuclear power industry is in growth mode as more nuclear power will be required to meet the world’s
ambitious CO2 emission-reduction goals and the needs of new power-intensive technologies like AI. In this
environment, new discoveries of economic uranium deposits will be very valuable, especially in established
uranium-producing areas like Saskatchewan. The near-term business objective of North Shore Uranium is
to become a major force in exploration for economic uranium deposits at the eastern margin of
Saskatchewan’s Athabasca Basin, a tier-one jurisdiction for discovering new mineable high-grade uranium
deposits. The Company is working to achieve this goal by conducting exploration programs at its Falcon
and West Bear properties and by evaluating opportunities to complement its portfolio of uranium properties.
The Company went public in November 2023 and its experienced team includes uranium experts and mining
industry professionals.
QUALIFIED PERSON
Mr. Brooke Clements, MSc, P.Geol., a Q ualified Person as defined by National Instrument 43- 101 –
Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and
approved the scientific and technical disclosure in this press release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: [email protected]
www.northshoreuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Forward-Looking Statements
This news release contains forward- looking statements that are based on the Company’s current
expectations and estimates. Forward- looking statements are frequently characterized by words such as
“plan”, “project”, “appear”, “interpret”, “coincident”, “potential”, “confirm”, “suggest”, “evaluate”,
“encourage”, “likely”, “anomaly”, “continuous” and variations of these words as well as other similar
words or statements that certain events or conditions “could”, “may”, “should”, “would” or “will” occur.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that
could cause actual events or results to differ materially from estimated or anticipated events or results
implied or expressed in such forward -looking statements. Such factors include, among others: the actual
results of current and planned exploration activities including the potential for the definition of a mineral
deposit of potential economic value within Falcon; that drilling results, geophysical survey results and/or
interpretations thereof are defining potentially mineralized corridors; results from future exploration
programs including drilling; interpretation and meaning of completed and future geophysical surveys;
conclusions of future economic evaluations; change s in project parameters as plans to continue to be
refined; possible variations in grades of mineralization and/or future actual recovery rates; accidents,
labour disputes and other risks of the mining industry; the availability of sufficient fun ding on terms
acceptable to the Company to complete the planned work programs; delays in obtaining governmental
approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions,
events or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by applicable securities laws, the Company
disclaims any intent or obligation to update any forward- looking statement, whether as a result of new
information, future events, or results or otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such statements due to the inherent
uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified
in their entirety by this cautionary statement.